HCMC – Gold prices surged on December 11 as the U.S. Federal Reserve delivered a widely expected 0.25-percentage-point interest rate cut, sending global gold prices rising to fresh highs and lifting domestic prices.
As of 9 a.m., Saigon Jewelry Company (SJC) and Doji listed their JC-branded gold bar prices at VND153.1 million per tael for buying and VND155.1 million for selling. At Phu Quy, the yellow metal was quoted at VND152.1 million for buying and VND155.1 million for selling, up VND400,000 from the close on December 10.
Ring gold also moved higher. Bao Tin Minh Chau posted buying and selling prices at VND151.5 million for buying and VND154.5 million for selling, marking a sharp increase of VND1 million. Phu Quy raised their prices by VND400,000 from the previous session, listing buying prices at VND150.2 million and selling prices at VND153.2 million.
The buy-sell gap remains steep, standing at VND2 million per tael for SJC-branded gold bars and VND2.5 million for gold ring.
On the global market, spot gold jumped to US$4,236 per ounce, up US$24 from the previous session. The precious metal strengthened after the Federal Open Market Committee (FOMC) announced a 25-basis-point rate cut late on December 10 (U.S. time), lowering the Fed funds rate to around 3.5%–3.75%.
Notably, silver delivered one of the most notable moves in the precious metals complex, hitting an all-time high of US$61.85 per ounce. The metal has soared 113% so far this year, driven by rising industrial demand, shrinking inventories, and its designation as a critical mineral by the U.S. government.
The State Bank of Vietnam (SBV) this morning set the daily reference rate at VND25,154 per U.S. dollar, down by VND1 from December 10. Commercial banks adjusted their quoted rates accordingly.
With the 5% trading band on either side of the central exchange rate, Vietcombank listed the greenback at VND26,141–26,411 for buying and selling, while VietinBank quoted VND26,149–26,411. BIDV posted buying and selling rates at VND26,155–26,411, and Eximbank listed the dollar at VND26,130–26,411.
